Report
of the auditors
to the shareholders of British Telecommunications
plc
We have audited the financial statements between
Accounting policies and Participating interests in accordance with
Auditing Standards.
In our opinion the financial statements
give a true and fair view of the state of affairs of the company
and the group at 31 March 1993 and of the profit, total recognised
gains and cash flows of the group for the year then ended and have
been properly prepared in accordance with the Companies Act 1985.
Coopers & Lybrand
Chartered Accountants and Registered
Auditors
London, 18 May 1993
© BT Group plc 2002

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